Al and Machine Learning (ML) are being employed to analyze vast amounts of data, optimize drilling operations, predict equipment failures, and enhance reservoir modeling. IoT devices and sensors are deployed across oil and gas industries to collect real-time data on equipment performance, environmental conditions, and safety parameters. This data enables proactive maintenance, remote monitoring, and enhanced safety measures. The industry is leveraging advanced analytics and big data technologies to analyze complex data sets, identify patterns and gain insights for better decision-making. This helps in optimizing production, predicting equipment failures, and reducing downtime. Digital twin technology involves creating a virtual replica of physical assets and systems. In the oil and gas sector, digital twins are used to stimulate and optimize operations, monitor asset performance and conduct predictive maintenance. The rising penetration of these emerging technologies in the oil and gas sector is driven by the need for increased efficiency, cost optimization, safety enhancements, and environmental sustainability. These technologies are expected to play a crucial role in shaping its future and driving innovation as the industry continues to evolve.
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Data Bridge Market Research analyzes the Europe and Middle East Oilfield Services Market is expected to reach USD 131,230.78 million by 2030 from USD 84,150.07 million in 2022, growing with a steady CAGR of 5.8% in the forecast period of 2023 to 2030. Extensive usage of oilfield services in the automotive sector is expected to drive market growth.
Key Findings of the Study
Growing Adoption of Technologies Such as Enhanced Oil Recovery (EOR), Especially for Aging Oil Fields
The growing adoption of nhanced Oil Recovery (EOR) techniques for aging oil fields has become a significant trend in the oil and gas industry. EOR refers to the implementation of various technologies and methods to increase the recovery factor of mature or declining oil fields. Aging oil fields often have a significant portion of their original oil reserves remaining in the reservoir. EOR techniques enable operators to extract a larger portion of these remaining reserves, thereby maximizing the recovery and extending the economic life of the field. Natural pressure declines which result in reduced flow rates. EOR techniques such as water flooding, gas injection, or chemical injection help in maintaining reservoir pressure and enhance the flow of oil to production wells. The growing use of oil field services in aging oil fields reflects the industry’s commitment to extracting the maximum value from mature assets and maintaining sustainable production levels. Oil field services companies bring expertise, technologies, and specialized services to address the specific challenges associated with aging oil fields. This will act as a driver for market growth.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Year
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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Type (Equipment Rental, Field Operations, Analytical Services, and Consulting Services), Service Type (Drilling Services, Completion and Workover Services, Production Services, Processing and Separation Services, Reservoir Services, Seismic Services, Subsea Services, and Other Services), Application (Onshore and Offshore)
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Countries Covered
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Russia, Norway, U.K., Denmark, Italy, Turkey, Germany, Netherlands, France, Spain, Switzerland, Belgium, Finland, Sweden, and Rest of Europe, Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Oman, Bahrain, Israel, and Rest of Middle East
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Market Players Covered
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NAPESCO (Kuwait), SLB (U.S.), Halliburton (U.S.), Baker Hughes Company (U.S.), ABB (Switzerland), Weatherford (U.S.), Rockwell Automation (U.S.), Siemens Energy (Germany), Saipem (Italy), Petrofac Limited (U.K.), Oil States International, Inc (U.S.), Oceaneering International (U.S.), TRANSOCEAN LTD (Switzerland), NOV Inc (U.S.), TAQA KSA (Saudi Arabia), Superior Energy Services (U.S.), Stark Oilfield Service Company (Qatar), Middle East Oilfield Services LLC (Oman), Abu Dhabi Oilfield Services Company (U.A.E), and ADNOC (U.A.E.) Group among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis
The Europe and Middle East oilfield services market is segmented into three notable segments based on type, service type, and application.
- On the basis of type, the market is segmented into equipment rental, field operations, analytical services, and consulting services.
In 2023, the equipment rental segment is expected to dominate the Europe and Middle East oilfield services market
In 2023, the equipment rental segment is expected to dominate the market with a market share of 44.65% as prices of the equipment are high due to which companies are shifting towards renting the equipment.
- On the basis of service type, the market is segmented into drilling services, completion and workover services, production services, processing and separation services, reservoir services, seismic services, subsea services, and other services.
In 2023, the drilling services segment is expected to dominate the Europe and Middle East oilfield services market
In 2023, the drilling services segment is expected to dominate the market with a market share of 25.81% as it is considered a backbone of the oil and gas industry in the exploration and production of oil and gas resources.
- On the basis of application, the market is segmented into onshore and offshore. In 2023, the onshore segment is expected to dominate the market with a market share of 65.91%.
Major Players
Data Bridge Market Research recognizes the following companies as the major players in the Europe and Middle East oilfield services market that include NAPESCO (Kuwait), SLB (U.S.), Halliburton (U.S.), Baker Hughes Company (U.S.), ABB (Switzerland), Weatherford (U.S.), Rockwell Automation (U.S.), Siemens Energy (Germany), Saipem (Italy), Petrofac Limited (U.K.), Oil States International, Inc (U.S.), Oceaneering International (U.S.), TRANSOCEAN LTD (Switzerland), NOV Inc (U.S.), TAQA KSA (Saudi Arabia), Superior Energy Services (U.S.), Stark Oilfield Service Company (Qatar), Middle East Oilfield Services LLC (Oman), Abu Dhabi Oilfield Services Company (U.A.E), and ADNOC (U.A.E.) Group among others.
Market Development
- In July 2023, SLB was awarded a five-year contract by Petrobras for the deployment of its Delfi digital platform. By investing in Al and cloud-based technologies sets the foundation for Petrobras to achieve its decarbonization and net-zero targets. This will drive aggressive efficiency and increases production.
- In June 2023, Vår Energi and Halliburton came into a long-term strategic relationship for drilling services to further drilling and well performance and enhance value creation. This solid partnership and collaboration across the entire value chain will enable operational excellence and reduce costs and emissions.
- In May 2023, ADNOC Signs Agreements with More than 60 Companies, which includes local manufacturing of critical industrial products, as they could provide ADNOC greater flexibility to respond to market dynamics as it decarbonizes and invests in lower-carbon solutions.
- In February 2023, Baker Hughes Company, an energy technology company, was awarded a major contract to provide subsea equipment and services by Azule Energy for work in Agogo Oilfield. This award represents the major new greenfield project awarded in offshore Angola.
- In January 2023, NOV launched the Agitator ZP System to increase drilling efficiency with no pressure decrease and they stated that this zero-pressure technology offers more flexibility for drilling projects requiring longer laterals and dual friction-reduction tools to reach challenging targets while preserving higher ROP.
Regional Analysis
Geographically, the countries covered in the Europe and Middle East oilfield services market report are Russia, Norway, U.K., Denmark, Italy, Turkey, Germany, Netherlands, France, Spain, Switzerland, Belgium, Finland, Sweden, and Rest of Europe, Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Oman, Bahrain, Israel, and Rest of Middle East.
As per Data Bridge Market Research analysis:-
Middle East is expected to dominate the Europe and Middle East oilfield services market and is expected to be the fastest-growing region in the market
Middle East is expected to dominate the market and be the fastest-growing region during the forecast period of 2023 to 2030 as it is the world’s largest oil reserve making it a crucial region for oil production. In 2023. Middle East is expected to dominate the market with a market share of 62.69% and is expected to reach USD 84,946.61 million in 2030, growing with the highest CAGR of 6.3% in the forecast period of 2023 to 2030.
For more detailed information about the Europe and Middle East oilfield services market report, click here – https://www.databridgemarketresearch.com/reports/europe-and-middle-east-oilfield-services-market
